BOSTON, Mass.—TrueMotion, a leading smartphone-only driving data platform, announced a new report on home security owners’ willingness to purchase protection beyond the home, specifically car crash detection and emergency response.
The report reveals that as home security providers look for strategies to grow revenue and increase customer loyalty, paid car crash detection and emergency response products are a viable path forward.
New products that can grow revenue and increase customer loyalty are more important than ever for home security providers today. Competition across the industry is fierce. There are more choices for consumers and providers struggle to differentiate. There is also more pricing pressure from new tech-driven and do-it-yourself (DIY) entrants. Most in-home security products have matured and saturated the market.
These challenges are the driving force behind home security providers looking to protect customers beyond the home. The new TrueMotion report shows “beyond the home” is a strong area for expansion: 78 percent of home security owners are concerned about their safety on the road. The report also finds that 66 percent of all home security owners would pay $5 or more per month for crash detection and emergency response, on top of their current home security subscription, while 12 percent would pay an extra $20 per month. TrueMotion surveyed nearly 600 home security system owners in the U.S. from February to April 2021.
“This report shows that home security providers can use car crash detection and emergency response products to extend their services beyond the home, grow revenue, and increase customer loyalty,” said Brendan Bellefeuille, Security Lead for TrueMotion. “Consumers want to feel protected beyond the home, and crash detection and emergency response clearly addresses this concern for them. Consumers are even willing to switch security providers to get access to crash detection and emergency response.”
The report shows that 43 percent of home security owners would switch providers to get access to car crash detection and emergency response. This finding suggests that car crash detection and emergency response can help home security providers grow market share by acquiring customers from the competition. It also suggests that providers who don’t provide crash detection could face new and stronger competitive threats.
The full report includes:
Anyone interested in the TrueMotion Home Security Beyond the Home report could download it at: https://l.gotruemotion.com/home-security-report-april-2021
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